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Trending ETFs

Name

As of 03/26/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$10.60

$38.3 M

3.91%

$0.41

1.50%

Vitals

YTD Return

4.7%

1 yr return

17.5%

3 Yr Avg Return

3.8%

5 Yr Avg Return

6.4%

Net Assets

$38.3 M

Holdings in Top 10

45.9%

52 WEEK LOW AND HIGH

$10.6
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 1.50%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 414.00%

Redemption Fee N/A


Min Investment

Standard (Taxable)

$1,000,000

IRA

N/A


Fund Classification

Fund Type

Open End Mutual Fund


Name

As of 03/26/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$10.60

$38.3 M

3.91%

$0.41

1.50%

JAGNX - Profile

Distributions

  • YTD Total Return 4.7%
  • 3 Yr Annualized Total Return 3.8%
  • 5 Yr Annualized Total Return 6.4%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 0.85%
DIVIDENDS
  • Dividend Yield 3.9%
  • Dividend Distribution Frequency Annual

Fund Details

  • Legal Name
    Janus Henderson Adaptive Global Allocation Fund
  • Fund Family Name
    Janus Henderson Funds
  • Inception Date
    Jun 23, 2015
  • Shares Outstanding
    N/A
  • Share Class
    N
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Ashwin Alankar

Fund Description

The Fund seeks to achieve its investment objective by allocating its assets across a portfolio of global equity, global fixed-income, and, at times, commodity-linked investments. In doing so, the Fund will attempt to reduce the risk of significant loss, or a drop in the value of the Fund’s capital that is unlikely to be regained over a full market cycle (a time period representing a significant market decline and recovery), while also participating in the upside growth of the capital markets. To achieve this objective, the Fund’s portfolio management employs a “tail managed” strategy intended to tactically shift away from assets whose downside tail risks are perceived to be increasing and toward assets whose expected tail gains are increasing. As it relates to investing, “tails” represent the outliers of a distribution of returns or, in other words, outsized future moves both to the positive and negative. Tail events typically occur more often than expected, and a tail loss or a tail gain can have a substantial impact on a portfolio’s long-term performance.The Fund primarily invests in futures to gain indirect exposureto an underlyingasset class. The Fund may also use other derivatives such as optionsor swaps to gain indirect exposure to an underlying asset class. Under normal circumstances, the Fund’s gross notional exposure (generally, the total value of the assets underlying a derivatives contract at the time of valuation) to derivatives is not expected to exceed 100% of the Fund’s net assets. Because of the Fund’s investments in derivatives, a significant portion of its assets may be invested directly or indirectly in short-term investments.The Fund may invest in emerging markets, but will normally limit such investments to 30% of its net assets, measured at the time of purchase. Due to the Fund’s investment strategy, it may have relatively high portfolio turnover compared to other funds.The Fund may invest in equity securities including common and preferred stock and securities of other investment companies. The Fund may invest across all fixed-income sectors, including U.S. and non-U.S. government debt securities (“sovereign debt”). The types of fixed-income securities in which the Fund may invest include corporate bonds, commercial paper, depositary receipts, and floating-rate securities. The Fund may also gain exposure to equity securities, fixed-income securities, and commodities through investments in exchange-traded funds (“ETFs”). The Fund may invest up to 20% of its assets in high-yield bonds (also known as “junk” bonds).To implement the strategy, portfolio management utilizes two complementary processes: a “top-down” macro analysis and a “bottom-up” risk/reward analysis, each of which are described below. These processes each employ certain proprietary models which provide forward-looking insights into capital markets and which seek to identify indicators of market stress or potential upside. Such models include a proprietary options implied information model that monitors day-to-day movements in options prices for indicators of risk and reward between asset classes, sectors, and regions. Using the proprietary models, portfolio management will adjust the Fund’s allocations and the underlying security exposures.Top-Down Macro Analysis.The top-down analysis focuses on how the Fund’s assets will be distributed between the global equity and global fixed-income asset classes, and, at times, the commodity asset class. Portfolio management monitors expected tail gains and losses across the equity, fixed-income, and commodity asset classes. Portfolio management intends to periodically adjust the Fund’s asset allocation to mitigate downside risk exposure that is perceived to be elevated and obtain exposure to upside gains. Accordingly, the Fund’s allocation to global equity investments, global fixed-income investments, and, at times, commodity-linked investments, will likely shift periodically to minimize exposure to tail losses and enhance exposure to tail gains. The periodic shifts in the Fund’s asset allocation may significantly impact the Fund’s risk profile.Bottom-Up Risk/Reward Analysis.The bottom-up analysis is designed to identify the underlying security exposures that comprise the Fund’s equity, fixed-income, and commodity asset classes, and periodically rebalance the Fund’s portfolio to maximize exposure to securities that are expected to provide tail gains while minimizing exposure to securities that are expected to provide tail losses. Within the Fund’s equity component, portfolio management intends to adjust the portfolio’s sector, currency, and regional exposures away from market capitalization weights based on an evaluation of expected tail loss and gain. Within the Fund’s fixed-income component, portfolio management intends to adjust the portfolio’s credit, duration, and regional exposures using the same analysis. Within the Fund’s commodity asset class, portfolio managementintends to adjust individual commodity or sector exposures when appropriate using the same analysis.In pursuing its investment objective, the Fund will have exposure to investments that are economically tied to a number of countries throughout the world. A security is deemed to be economically tied to a country or countries if one or more of the following tests are met: (i) the company is organized in, or its primary business office or principal trading market of its equity is located in, the country; (ii) a majority of the company’s revenues are derived from one or more countries; or (iii) a majority of the company’s assets are located in one or more countries.The Fund may also use derivatives to enhance returns and to hedge portfolio risks. With regard to using derivatives for hedging purposes, the Fund may use foreign exchange contracts or other similar instruments to reduce the impact of foreign exchange rate changes on the Fund’s value. The Fund may also engage in short sales.The Fund may seek to earn additional income through lending its securities to certain qualified broker-dealers and institutions on a short-term or long-term basis, in an amount equal to up to one-third of its total assets as determined at the time of the loan origination.
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JAGNX - Performance

Return Ranking - Trailing

Period JAGNX Return Category Return Low Category Return High Rank in Category (%)
YTD 4.7% -23.7% 16.4% 35.19%
1 Yr 17.5% -8.9% 48.3% 69.31%
3 Yr 3.8%* -2.2% 16.4% 68.60%
5 Yr 6.4%* -0.7% 13.4% 52.57%
10 Yr N/A* 0.9% 11.8% N/A

* Annualized

Return Ranking - Calendar

Period JAGNX Return Category Return Low Category Return High Rank in Category (%)
2023 10.6% -40.8% 20.6% 94.24%
2022 -12.4% -21.0% 24.5% 39.18%
2021 -6.4% -24.2% 27.8% 64.02%
2020 6.1% -23.1% 11.7% 44.78%
2019 11.5% -100.0% 20.6% 61.31%

Total Return Ranking - Trailing

Period JAGNX Return Category Return Low Category Return High Rank in Category (%)
YTD 4.7% -23.7% 16.4% 34.33%
1 Yr 17.5% -12.8% 48.3% 61.86%
3 Yr 3.8%* -3.4% 16.4% 62.45%
5 Yr 6.4%* -1.1% 13.4% 48.05%
10 Yr N/A* 0.9% 11.8% N/A

* Annualized

Total Return Ranking - Calendar

Period JAGNX Return Category Return Low Category Return High Rank in Category (%)
2023 15.1% -40.8% 20.6% 94.24%
2022 -11.3% -21.0% 24.5% 39.18%
2021 8.8% -24.2% 27.8% 65.42%
2020 9.4% -23.1% 11.7% 9.43%
2019 14.1% -2.9% 23.1% 14.17%

NAV & Total Return History


JAGNX - Holdings

Concentration Analysis

JAGNX Category Low Category High JAGNX % Rank
Net Assets 38.3 M 1.12 M 110 B 86.83%
Number of Holdings 56 2 10961 63.26%
Net Assets in Top 10 18.2 M -31.7 M 22 B 81.63%
Weighting of Top 10 45.92% 10.8% 100.0% 40.58%

Top 10 Holdings

  1. SOCIETE GENERALE 4.78%
  2. Southern California Edison Co 4.78%
  3. Engie SA 4.77%
  4. Brookfield Infrastructure Holdings Canada Inc 4.72%
  5. National Fuel Gas Co 4.65%
  6. AMERICAN HONDA FINANCE 4.53%
  7. Enel Finance America LLC 4.51%
  8. Hyundai Capital America 4.40%
  9. Glencore Funding LLC 4.40%
  10. American Electric Power Co Inc 4.39%

Asset Allocation

Weighting Return Low Return High JAGNX % Rank
Cash
97.14% -97.12% 185.58% 6.68%
Other
1.40% -1.25% 197.12% 65.14%
Stocks
1.20% -45.72% 98.42% 63.88%
Bonds
0.25% -39.76% 93.84% 68.48%
Convertible Bonds
0.15% 0.00% 25.49% 61.17%
Preferred Stocks
0.00% -0.03% 14.00% 62.63%

Stock Sector Breakdown

Weighting Return Low Return High JAGNX % Rank
Technology
17.25% 0.00% 39.48% 42.68%
Consumer Cyclical
15.03% 0.00% 20.84% 6.16%
Financial Services
14.72% 0.00% 30.34% 46.50%
Communication Services
10.88% 0.00% 28.59% 7.64%
Industrials
9.06% 0.09% 32.39% 72.40%
Healthcare
8.78% 0.00% 30.30% 67.09%
Basic Materials
7.65% 0.00% 60.23% 24.42%
Consumer Defense
6.15% 0.00% 31.85% 53.08%
Utilities
4.33% 0.00% 40.29% 34.82%
Energy
3.28% 0.00% 38.61% 81.95%
Real Estate
2.87% 0.00% 90.14% 63.69%

Stock Geographic Breakdown

Weighting Return Low Return High JAGNX % Rank
US
1.20% -4.82% 95.75% 34.24%
Non US
0.00% -46.69% 57.06% 77.66%

Bond Sector Breakdown

Weighting Return Low Return High JAGNX % Rank
Cash & Equivalents
78.25% 0.10% 100.00% 11.48%
Government
26.20% 0.00% 98.64% 50.73%
Corporate
8.53% 0.00% 99.90% 76.41%
Securitized
4.19% 0.00% 83.28% 52.82%
Derivative
1.40% 0.00% 41.88% 19.00%
Municipal
0.00% 0.00% 31.28% 54.70%

Bond Geographic Breakdown

Weighting Return Low Return High JAGNX % Rank
US
0.25% -177.12% 87.76% 68.48%
Non US
0.00% -39.00% 137.36% 52.40%

JAGNX - Expenses

Operational Fees

JAGNX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 1.50% 0.16% 2.71% 85.59%
Management Fee 0.75% 0.00% 1.70% 64.03%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.01% 0.70% N/A

Sales Fees

JAGNX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 0.00% 5.75% N/A
Deferred Load N/A 1.00% 5.50% N/A

Trading Fees

JAGNX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 2.00% 2.00% N/A

Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

JAGNX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 414.00% 0.00% 441.00% 96.89%

JAGNX - Distributions

Dividend Yield Analysis

JAGNX Category Low Category High JAGNX % Rank
Dividend Yield 3.91% 0.00% 10.92% 51.77%

Dividend Distribution Analysis

JAGNX Category Low Category High Category Mod
Dividend Distribution Frequency Annual Annually Monthly Monthly

Net Income Ratio Analysis

JAGNX Category Low Category High JAGNX % Rank
Net Income Ratio 0.85% -5.20% 6.33% 74.29%

Capital Gain Distribution Analysis

JAGNX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Annually Annually

Distributions History

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JAGNX - Fund Manager Analysis

Managers

Ashwin Alankar


Start Date

Tenure

Tenure Rank

Jun 23, 2015

6.94

6.9%

Ashwin Alankar, Ph.D., is Head of Global Asset Allocation of Janus Henderson Investors. Mr. Alankar is also Portfolio Manager of other Janus Henderson accounts. He joined Janus Capital in August 2014. Prior to joining Janus Capital, Mr. Alankar was Co-Chief Investment Officer of AllianceBernstein’s Tail Risk Parity products and a senior portfolio manager of the firm’s systematic multi-asset class alternative investment efforts from 2010 to 2014. Mr. Alankar holds a Bachelor of Science degree in Mathematics and Chemical Engineering and a Master of Science degree in Chemical Engineering from the Massachusetts Institute of Technology, and a Ph.D. in Finance from the University of California at Berkeley’s Haas School of Business.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.03 30.27 6.52 9.25